CAPITAL STRUCTURE DETERMINANTS IN GROWTH FIRMS

ACCESSING VENTURE FUNDING

MARINA BALBOA JOSÉ MARTÍ

ÁLVARO TRESIERRA

FUNDACIÓN DE LAS CAJAS DE AHORROS DOCUMENTO DE TRABAJO

Nº 489/2009

De conformidad con la base quinta de la convocatoria del Programa

de Estímulo a la Investigación, este trabajo ha sido sometido a eva-

luación externa anónima de especialistas cualificados a fin de con-

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Las opiniones son responsabilidad de los autores.

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CAPITAL STRUCTURE DETERMINANTS IN GROWTH FIRMS

ACCESSING VENTURE FUNDING

Marina Balboa* José Martí**

Álvaro Tresierra***

Abstract

This paper focuses on the capital structure determinants of venture capital backed

firms prior to the venture capital investment event. The analyses are carried out on a

matched sample of Spanish venture capital backed firms at the expansion stage

and similar firms that did not receive venture funding. In the former, the results show

that the structure of assets, size and growth opportunities have a positive impact on

the debt ratio. Conversely, only profitability is negatively related to the leverage ratio

in non venture capital backed firms. Overall, there is stronger evidence on the

Pecking Order Theory for venture capital backed firms.

Keywords: Capital structure, determinants, growth opportunities, venture capital

JEL Classification: G32, G24

Corresponding author: José Martí, Dep. Finance, University Complutense of Madrid (28223), Spain. E-mail: jmartipe@ccee.ucm.es * Dep. Financial Economics. University of Alicante (03080), Spain. Phone: +34 965903621. Email: marina.balboa@ua.es

** Dep. Finance. University Complutense of Madrid (28223), Spain. Phone: +34 913942310. Email: jmartipe@ccee.ucm.es

*** Dep. Finance. Universidad de Piura, Perú. Phone: +51 73284500. Email: alvaro.tresierra@udep.pe Acknowledgements: We thank the financial support from the Spanish Ministry of Education under research grant ECO2008-02599/ECON and from the Generalitat Valenciana under project GVPRE/2008/316.

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1 Introduction

In the past few years many papers have addressed the issue of the better

performance of Venture Capital (VC) backed firms when compared to similar, non-

VC-backed firms. VC is a source of external financing that has spread all over the

world since the first deals were conducted in the US in the mid forties. It implies an

equity, or quasi-equity, injection in firms that have good growth prospects. Many

papers have already addressed the determinants of getting VC funding, based on

the human capital, the market size, and the uniqueness of the product or service.

However, there is little evidence on the study of several aspects related to the

capital structure of VC-backed firms. To cover this gap, the aim of this paper is to

analyse whether the determinants of capital structure are able to explain why these

firms get access to VC later. In particular, this paper analyses the determinants of

capital structure before the investment event and to what extent those determinants

are different from those of other similar firms that do not receive VC.

The analysis is carried out on a comprehensive sample of Spanish VC-backed firms

during the period 1995 to 2007. As De Clercq et al. (2008) point out, limiting the

scope of analysis to one country increases the likelihood that the participants

operate under similar constraints resulting from the institutional and legal

environment. Additionally, this approach also reduces the heterogeneity that would

arise from comparing companies that are subject to different accounting systems.

The results show that the leverage of VC-backed firms is clearly related to growth

opportunities, which is not the case in similar non-VC-backed firms. We also find

that the Pecking Order Theory is the basis for a better understanding of the capital

structure determinants on the former firms, even though variables such as the

structure of assets and size also play a significant role.

The rest of the paper is organised as follows. Section 2 provides an overview on the

VC process in order to understand the functioning of this activity. Section 3 reviews

the theory and existing literature on capital structure theory, which is related to VC

as a source of external finance. Section 4 describes the dataset and the

methodology. The results of the regression analyses are presented in Section 5.

Section 6 concludes the paper and discusses the results obtained.

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2 Venture capital activity

The VC process is characterized by cyclical behaviour, meaning that its stages are

periodically repeated. There are three main stages: fundraising, investment in

companies with high potential returns and, finally, divestment. The process starts

when VC organisations raise funds. Most of the resources of this activity are

destined for closed-end funds with a limited life of between eight and twelve years.

These funds are formed by general partnerships or VC organisations. As a general

rule, when investors join a new fund, they sign a commitment, but they are not

required to disburse the money until a given investment is approved. Additionally,

investors often cannot always commit the amount of funds they would like to. This is

due to the fact that VC organisations are usually reluctant to accept large sums of

money, as the number of experienced investment managers often adjusts more

slowly than the swings in capital (Gompers and Lerner, 2002). This first stage of the

process usually takes between twelve and eighteen months.

In the second stage of the process, the VC organisation first activates a deal flow,

and then starts screening investment proposals. VC organisations tend to specialise

in certain industries or stages of development of the firms where they can best

provide experience, managerial advice and contacts with third parties (Norton and

Tenenbaum, 1993). The companies selected are then asked to provide a

comprehensive business plan. In this part of the process, both parties express their

preferences on the financial instruments to be used. If an agreement is reached, a

letter of intention is signed. What follows is a process, known as due diligence, in

which the management team carries out a detailed investigation into the company

concerned. To finalize this process, the fund managers ask the investors to pay their

share of the capital required. Given that companies which receive this type of

finance are rarely stock market quoted, the entry process is slow usually taking

between fourteen and sixteen weeks. Due to the complexity of the process, the total

time required to invest the majority of the fund is often around three years.

The final stage of the process is the divestment of the shares of the companies in

the portfolio. Up to this moment, the aim of the fund managers is mainly to add value

to the companies in the portfolio through management support and by providing

credibility to third parties. As the normal functioning of funds implies a progressive

return of the proceeds from divestments to the investors, managers have to launch

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new funds approximately every two or three years in order to continue with the

investment activity, thus beginning the process anew.

3 The capital structure of firms and its relationship with venture capital

3.1 Theories and evidence on capital structure

The study of the factors that influence the financing of firms is one of the main topics

of research in modern finance (Myers, 1984). A vast stream of literature has focused

on the variables that determine the capital structure of firms (Titman and Wessels,

1988; De Miguel and Pindado, 2001; Sogorb-Mira, 2005). Although there is not yet a

universally accepted theory on capital structure (Harris and Raviv, 1991), some

theories have been proposed with different implications on the way firms finance

their projects.1 Since the seminal works by Modigliani and Miller (1958; 1963), a vast

amount of research has been conducted on this topic.

One stream of papers considers that while debt has a positive effect on the value of

firms, it also implies bankruptcy costs (Kraus and Litzenberger, 1973) as well as

agency costs (Jensen and Meckling, 1976; Myers, 1977). This leads to the static or

Trade-off Theory, which states that there exists a trade-off between the tax

advantages of debt and financial distress costs, which leads to the existence of an

optimum level of debt (Bradley et al., 1984). Myers (1984) and Myers and Majluf

(1984) reconsider this theory and present an alternative one, the Pecking Order

Theory,2 based on the information asymmetries that exist between insiders (i.e.,

managers, who are assumed to behave in current shareholder interests) and

outsiders, primarily financing suppliers. According to the latter theory, firms follow a

hierarchical order when they choose from among the different instruments available

for financing: first internal funds and, in the event of external funds being needed,

the preferred ones are those that imply a lower level of information asymmetry,

since their cost would be lower. In this way, equity should be used as the last

resource.

A vast number of empirical papers have tried to provide evidence of one of these

theories. In some cases the Trade-off Theory has been proved (Marsh, 1982;

Bradley et al., 1984; Jalilvand and Harris, 1984; Fischer et al., 1989; Hovakimiam et

1 Harris and Raviv (1991) distinguish among theories based on fiscal considerations, agency costs, information asymmetries, interaction between input and product markets and corporate control. After that, other theories based on how the current market situation affects capital structure have been proposed (Baker and Wurgler, 2002; Welch, 2004). 2 Myers (1984) states that this behaviour had already been mentioned in Donaldson (1961).

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al., 2001; Ozkan, 2001; Hovakimian et al., 2004; Flanery and Ragan, 2006; López-

Gracia and Sogorb-Mira, 2008; among others), whereas in others the Pecking Order

Theory is able to explain the debt ratios to a larger extent (Shyam-Sunder and

Myers, 1999; Watson and Wilson, 2002; Sánchez-Vidal and Martín-Ugedo, 2005).

Some papers also find that there are mixed effects from both theories (Fama and

French, 2002; Frank and Goyal, 2003). According to Myers (2001), the disparity of

results could be explained by the use of heterogeneous samples in the empirical

analysis.

The first empirical papers on the topic focused on quoted or large firms. However,

since the 90s, more attention has been devoted to small and medium firms because

of the interest of academics and political regulators in these firms (Berger and Udell,

1998) and because they are different in many respects, including financing, to large

firms (Hutchinson et al., 1998). In this way, while large firms can negotiate on more

favourable terms, small firms face several constraints that prevent them from

obtaining funds in favourable conditions. VC is considered as a source of long term

financing that sometimes is the only alternative for growth firms. Albeit there is

increasing interest in small firms, the capital structure of VC-backed firms has

received little attention (Cumming, 2005). The interest in the latter firms has relied

on the instruments that are most convenient for investors (Bergeman and Hedge,

1998; Cumming 2005). However, very few papers investigate the impact that VC

can have on the capital structure of the firms they back. One of the few papers

relevant in this area is the one by Hogan and Hudson (2007), who analyse the

capital structure of VC-backed firms in the software sector and conclude that the

Pecking Order Theory seems better to explain their debt ratios.

However, to the best of our knowledge, this is the first paper that empirically

analyses the determinants of capital structure in VC-backed firms before the VC

investment and aims to analyse whether it could have an impact on the probability

of receiving VC later on. This paper tries to add evidence to the literature since,

apart from analysing the determinants of the capital structure of these firms, the

differences found between VC and non-VC-backed firms are also studied. In this

way, the possible differences, if any, could be motivated by the specific

characteristics of the firms in which venture capitalists (VCs) invest.

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3.2 Determinants of the capital structure of venture capital backed firms

Regarding the study of the factors that affect the capital structure of firms, Harris

and Raviv (1991) find consensus on the relevance of the following variables on the

debt level: tangible fixed assets, size, probability of default, profitability, volatility,

growth opportunities, tax effects, marketing expenditures, research and

development expenditures and the specificity of the product. Since the analyses are

carried out on a sample of unquoted firms, there is no publicly available information

on marketing and research & development expenditures, nor about the specificity of

the product. Therefore, we focus on the following characteristics:

Tangible fixed assets

The relationship between bondholders and shareholders is subject to a problem of

moral hazard, since there are situations in which shareholders attempt to increase

their value at the expense of bondholders, giving rise to the existence of conflicts of

interest between these two groups. One of the consequences of this problem relates

to situations in which shareholders carry out high-risk investment projects, which is

exacerbated by the limited liability that shareholders enjoy, since the risk is passed

on to bondholders (Jensen and Meckling, 1976). The magnitude of this problem

diminishes as the level of debt decreases. In this context, the tangible fixed assets

of the firm may be used as collateral, thus limiting the extent of this problem.

Moreover, in a context of liquidation of a firm, the tangible rather than the intangible

fixed assets are the ones that preserve most of their value (Wald, 1999). In this line,

the level of tangible fixed assets should have a positive relationship with the level of

debt (Titman and Wessels, 1988; Mackie-Mason 1990; Prowse, 1990; Jensen et al.,

1992; Smith and Watts 1992; Grier and Zychowicz, 1994; Hovakimian et al., 2001;

Frank and Goyal, 2003).

In the same vein, Myers and Majluf (1984) suggest that firms may find

advantageous to sell secured debt, due to the fact that the cost of this would be

lower. For this reason, firms with more tangible assets that can be used as collateral

may be expected to issue more debt to take advantage of this fact. This leads us to

formulate the following hypothesis:

Hypothesis 1: The relationship between tangible fixed assets and the level of debt

should be positive both for VC and non-VC-backed firms.

Size – Probability of default

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The size of the firm is negatively related to the probability of default (Titman and

Wessels, 1988; Rajan and Zingales, 1995; Fama and French 2002; Frank and

Goyal 2003). It is assumed that large firms are better diversified, so that their profits

and cash flows are subject to lower volatility. Moreover, with lower cash flow

volatility it is more likely that firms can benefit from tax deductions related to interest

rate payments (Hovakimian et al., 2001). According to this evidence, a positive

relationship between size and level of debt should be expected (Titman and

Wessels, 1988; Hovakimian et al., 2001; Frank and Goyal, 2003). Similarly, Rajan

and Zingales (1995) affirm that informational asymmetries between insiders and

external investors are lower for large firms. As a result, the cost of external financing

should be lower for these firms when compared with the costs that smaller firms

face.

Nevertheless, size could be an irrelevant characteristic for small and medium firms

since, like profitable large firms without large growth opportunities the former could

finance their assets basically with internal sources. Therefore, with the caveat of this

latter argument, no significant differences between VC and non-VC-backed firms are

expected. This leads us to formulate the following hypothesis:

Hypothesis 2: The size of the firm is positively related to the level of debt, both for

VC and non-VC-backed firms.

Profitability

One of the advantages of debt is obtained through the tax deductibility of interest

payments (Modigliani and Miller, 1963). In this way, the more profitable a firm is, the

higher the possibility of paying lower taxes through interest payments and the lower

the probability of default. Thus, profitable firms are expected to have a high level of

debt. However, firms that generate high levels of internal funds should not use

external funds very often according to the Pecking Order Theory (Myers, 1984;

Myers and Majluf, 1984). Therefore, a negative relationship between return and

level of debt should exist (Rajan and Zingales, 1995; Ozkan 2001). We assume that

this latter view should be valid for both VC and non-VC-backed firms in the following

hypothesis:

Hypothesis 3: The profitability of a firm is negatively related to the debt ratio in both

VC and non-VC-backed firms.

Volatility

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Even though current profits are important, their dispersion over time is a key

characteristic that creditors take into account. In this line, Titman and Wessels

(1988) argue that there should be a negative relationship between volatility and

debt, which is widely accepted in the literature (Harris and Raviv, 1991; Michaelas et

al., 1999; Fama and French, 2002). Nevertheless, in growing firms there might be

high dispersion because the profits are growing fast over time. Since capital

structure determinants are tested on, supposedly, high growth firms, the reverse

sign is expected, at least for VC-backed firms. Therefore, the next hypothesis would

be as follows:

Hypothesis 4: The relationship between dispersion in returns and debt should be

positive for VC-backed firms, whereas it should be negative for non-VC-backed

firms.

Growth opportunities

According to Titman and Wessels (1988) growth opportunities are represented by

those assets that add value to the firm but can not be used as collateral and do not

currently generate profits for the firm. Wald (1999) points out that firms with high

growth opportunities have more potential to carry out future investments. However,

this situation could give rise to agency conflicts whereby shareholders expropriate

value from bondholders. This should lead to lower levels of debt. Moreover, low

levels of debt would allow the firm not to disregard valuable investment opportunities

(Myers, 1977; Ozkan, 2001). Therefore, the relationship between debt and growth

opportunities should apparently be negative (Myers, 1977).

Michaelas et al. (1999) point out, however, that firms with high growth opportunities

should use debt since the internal funds generated would not be enough to finance

their growth. In this line, if firms estimate future financial needs, they will establish

current relationships with financial providers, since this will both ease their access to

the financing needed and lower the cost associated with the money provided

(Cassar, 2004).

In relation with VC and non-VC-backed firms, some differences could be found,

since the former are expected to have higher growth opportunities, which is one of

the characteristics that VCs require when investing in a firm.

Hypothesis 5: The relationship between growth opportunities and debt should be

positive and stronger for VC-backed firms.

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Tax aspects related to capital structure

The literature has highlighted the direct relationship between the effective corporate

tax paid and debt (Graham, 1996; Michaelas et al. 1999), since firms that pay higher

taxes could benefit more from tax shields. Nevertheless, since there are tax shields

different from those related to interest rate payments, a different approach is to

analyse their effect on the debt ratio as well. In this sense, Titman and Wessels

(1988) argue that an inverse relationship between debt levels and non-debt tax

shields is anticipated. However, the empirical evidence on this topic is mixed, since

some papers find a direct relationship (Bathala et al., 1994; Grier and Zychowicz,

1994), while others encounter an inverse relationship (Barton et al., 1989; Prowse,

1990). In order to account for this mixed evidence, Mackie-Mason (1990) proposes

breaking down the non-debt tax shields into two components: the investment tax

credits, which should have a direct relationship, and the tax loss carry-forwards, with

an expected inverse relationship.

Regarding VC-backed firms, since they are about to be screened by a VC institution,

they are seeking finance to fund their growth opportunities. Their priority is to seek

finance rather than to minimise tax payments through capital structure decisions.

However, this might not be valid for non-VC-backed firms.

Hypothesis 6: The relationship between tax shields and debt level should not be

important for VC-backed firms whereas it could be relevant for non-VC-backed

firms.

4 Data and methodology

4.1 Data and sample selection

Our research questions are tested on a sample of Spanish VC-backed firms that

were at the expansion stage at the time of the initial VC investment. The period

analysed covers VC investments reported from 1995 until 2007. The source of data

is the Spanish Private Equity and Venture Capital Association (ASCRI) and

www.webcapitalriesgo.com, which feeds an annual database in collaboration of one

of the co-authors since 1984.3 The key advantage of using this database is that it

covers all individual deals carried out in Spain, allowing us to create an unbiased

sample that is close to the full population. According to Marti and Salas (2008,

2009), 2,651 private equity investments were recorded over the period 1995-2007, 3 No other official source keeps track of VC activity in Spain, neither the Bank of Spain nor the Securities and Exchange Commission (CNMV).

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including all stages, from seed to buyout, but excluding investments in financial and

real estate sectors. We were able to find relevant accounting data from 2,230 of

these firms and to match each VC-backed firm with a similar non-VC-backed one in

1,965 firms. Those at the expansion stage were 757 firms. The accounting data

were taken from the Official Trade Registers and from the Amadeus Database.

Since the aim is to analyse the capital structure determinants prior to the initial VC

investment, we selected those firms for which we could track at least 3 years before

the external financing event. The number of firms that fulfilled this requirement is

385. The hypotheses proposed are tested on a matched panel of 385 VC-backed

firms and 385 control group firms. The latter firms were selected from the Amadeus

Database by filtering one firm belonging to the same NACE code, of similar size

(sales and/or employment and/or total assets), and in the same region.4 Table 1

shows the mean of sales, headcount and total assets for both groups prior to the

initial VC investment, highlighting that mean values of both groups are not

statistically different. The tests are repeated by separating firms located in

developed versus less developed areas.

Table 1. Mean of sales, headcount and total assets

Group n Sales Employees Assets Sample VC-backed 385 16,856 163 17,139 Non-VC-backed 385 16,476 117 14,122 p-value 0.4481 0.1489 0.1616 Developed regions VC-backed 227 18,776 218 17,984 Non-VC-backed 242 19,537 136 15,125 p-value 0.4302 0.1328 0.2508 Less developed regions VC-backed 158 14,109 86 15,932 Non-VC-backed 143 11,303 87 12,427 p-value 0.1807 0.4918 0.2063 *Sales in thousand constant 2001 Euro. Source: Amadeus Database.

4.2 Model and methodology

According to the literature, capital structure can be explained by the structure of

assets, the size of the firm, its profitability, volatility, growth opportunities and the tax

4 In some cases we did not find a similar firm in the same region, so we selected a valid firm from a different Spanish region..

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impact of leverage. Therefore, the general model that aims to explain the leverage

of a firm could be represented as follows:

Debt ratio = F (tangibility, size, profitability, volatility, growth opportunities, tax

effects)

The dependent variable (Ratio) could be defined as the quotient between long term

debt and long term debt plus total equity (Rajan and Zingales, 1995; De Miguel and

Pindado, 2001), or as the quotient between long term debt and total assets (Sogorb-

Mira, 2005). Since the right hand-side of the equation contains several accounting

variables divided by total assets as well, the first dependent variable proposed may

imply fewer endogeneity concerns.

Regarding the exogenous variables, the empirical analysis includes all the variables

that have proved to be relevant in the literature, such as tangibility, size, profitability,

volatility, growth opportunities and tax effects. The first one aims to analyse the

relationship between assets that could be used as collateral and debt, assuming

that those firms with larger tangible assets could have access to larger amounts of

debt. Therefore, a positive relationship is anticipated. Rajan and Zingales (1995),

Hovakimian et al. (2001), Frank and Goyal (2003), Hovakimian et al. (2004) and

Flanery and Ragan (2006), among others, define the weight of tangible assets as

the quotient between tangible fixed assets and total assets (Tang1). An alternative

measure, defined as the quotient between tangible fixed assets plus inventories and

total assets (Tang2), is found in Titman and Wessels (1988) and Sogorb-Mira

(2005).

The second category is related to the size of the firm, assuming that larger firms,

which are more visible, would encounter fewer difficulties in raising funds from

creditors. From a different perspective, larger firms are, usually, more diversified and

show a lower probability of default. This variable could be defined as the natural

logarithm of sales (Titman and Wessels, 1988; Rajan and Zingales, 1995; Ozkan,

2001; Baker and Wurgler, 2002; Frank and Goyal, 2003; Hovakimian et al. 2004;

among others). Alternatively, it is also represented by the natural logarithm of total

assets (Titman and Wessels, 1988; Hovakimian et al. 2001; Fama and French,

2002; Sogorb-Mira, 2005; Flanery and Ragan, 2006; among others). The analyses

focus on this latter variable (Size).

As regards profitability, firms with higher profits may benefit from tax deductions

related to interest payments to a larger extent, thus implying a positive relationship

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of this variable with debt. But, conversely, those firms are also more capable of

reducing the need to access external funds, according to the Pecking Order Theory.

Following Titman and Wessels (1988), Hovakimian et al. (2001), Ozkan (2001) and

Baker and Wurgler (2002), among others, we may define it as the quotient between

earnings before interest, taxes, depreciation and amortization (EBITDA) and total

assets (Prof1); or as the quotient between earnings before interest and taxes (EBIT)

and total assets (Prof2) (Fama and French, 2002; Frank and Goyal, 2003; Sogorb-

Mira, 2005; Flanery and Ragan, 2006). Other authors (Titman and Wessels, 1988)

also cite the relationship between EBITDA and sales, but we think this latter quotient

is more linked to a margin rather than to the return obtained from the assets

committed to the activity.

The fourth category aims to measure volatility. There are different ways to measure

it, the first one being the variation coefficient of EBIT (Michaelas et al., 1999). Other

measures include the standard deviation of the change in EBIT (Titman and

Wessels, 1988), or the standard deviation of the change in EBITDA (Mackie-

Manson, 1990). As all these variables are time invariant, they would be excluded in

a static fixed effects regression. On the other hand, since the analysis is based on

an unbalanced panel, for some firms this measure would compute a large number of

years while for others the number of observations would be smaller. Considering

that banks usually assess a limited number of years in their screening process, the

measure of volatility provided in this paper refers to a moving standard deviation

computing the changes in EBITDA (Vol1), or EBIT (Vol2), of the current and the

previous two years. Even though a negative sign is expected in the literature, since

a greater volatility would imply a lower debt ratio, in the case of growth firms this

measure could be anticipating positive changes in profits. Therefore, a positive sign,

at least for VC-backed firms, is anticipated.

Growth opportunities are measured in different ways in the literature. Titman and

Wessels (1988) define it as the percentage of change in total assets. Nevertheless,

it could be argued that this is more a representation of past growth, as discussed by

Fama and French (2002), which could or could not be related to future growth.

Michaelas et al. (1999) introduce the ratio between intangible assets and total

assets as an alternative measure of future growth (GO).

Finally, the tax effects are included in two ways. First, the ratio between the effective

corporate tax paid and the earnings before tax (ETR) is computed, as suggested by

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Kim and Sorensen (1986) and Ozkan (2000). Second, the non-debt tax shield is

estimated as the quotient between depreciation and total assets (NDTS) (Titman

and Wessels, 1988; Ozkan, 2001; Fama and French, 2002; Sogorb-Mira, 2005;

Flanery and Ragan 2006).

Table 2. Description of variables

Variable Description Ratio Quotient between long term debt and long term debt plus total equity. Tang1 Quotient between tangible fixed assets and total assets. Tang2 Quotient between tangible fixed assets plus inventories and total assets. Size Natural logarithm of total assets. Prof1 Quotient between earnings before interest, taxes, depreciation and

amortization (EBITDA) and total assets. Prof2 Quotient between earnings before interest and taxes (EBIT) and total

assets. Vol1 Moving standard deviation of the change in EBITDA, computing the

current and the two previous years. Vol2 Moving standard deviation of the change in EBIT, computing the current

and the two previous years. GO Ratio between intangible assets and total assets. ETR Quotient between the effective corporate tax paid and the earnings

before tax. NDTS Quotient between depreciation and total assets.

Since the data refer to time series observations on a sample of firms, the panel data

methodology is employed to estimate the different specifications of the model.

Regarding the estimation method, the possible correlation between the exogenous

variables and the individual effects is tested (Hausman, 1978) to check whether

fixed effects or random effects are best suited.

4.3 Descriptive statistics

The leverage ratios of VC and non-VC-backed firms are shown in Table 3. Panel A

shows that, on average, VC-backed firms show higher debt ratios prior to the entry

of the VCs. Despite the fact that both groups did not show differences in size, Panel

B highlights that their debt ratios are significantly different for both groups in each of

the three years before the initial VC investment. This could imply that firms get

access to VC so as to continue growing when they have exhausted their capacity to

raise debt, thus signalling the superior explanatory capacity of the Pecking Order

Theory.

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A further comment should be made about the maximum and minimum leverage

ratios, since values above one and below zero are found, respectively. They are

related to negative equity values, due to cumulative losses that are found in some

firms, mostly VC-backed. Excluding these observations could lead to a bias in the

results obtained.5

Table 3. Descriptive statistics of the leverage ratio before the initial VC investment

Panel A. Descriptive statistics of the debt ratio

Variable Obs Mean Std. Dev. Min Max All firms 5086 0.3144 1.3037 -2.8689 84.9746 VC-backed 2581 0.3608 1.7244 -2.4369 84.9746 Non-VC-backed 2505 0.2667 0.6191 -2.8689 24.5818

Panel B. Debt ratio evolution prior to the initial investment

Debt ratio Group / Year t - 1 t - 2 t - 3

VC-backed 0.3983 0.3455 0.3634 Non-VC-backed 0.2365 0.2634 0.2421 p-value 0.0000 0.0002 0.0015 t: Year of the initial VC investment.

Regarding the exogenous variables, Table 4 shows several descriptive statistics.

Tangible fixed assets represent around one third of the total assets, with the ratio

being greater for VC-backed firms. When inventories are added, the sum represents

about half of total assets. The natural logarithm of total assets shows that both

groups are similar in this respect. The ratio between EBITDA and total assets also

shows similar values, which are slightly greater in non-VC-backed firms. Similarly,

the range of values, as well as the standard deviation, is larger in this latter group of

firms. The same applies to the ratio EBIT over total assets. Similar values are also

found for the average and the standard deviation in the relationship between

Depreciation and Total assets, represented by NDTS, and in the first measure of

volatility (Vol1). Nevertheless, important differences are found between the two

groups in the second measure of volatility (Vol2), in the relationship between

intangible and total assets, which represent growth opportunities, and in the ratio

between the effective corporate tax paid and the EBT. These differences may result

in significant differences in the determinants of their respective capital structures.

5 In this sense, Michaelas et al. (1999) and Hall et al. (2000) argue that excluding bankrupt firms from their sample could censor it.

15

Table 4. Descriptive statistics of the exogenous variables

Panel A - All firms Variable Obs Mean Std. Dev. Min Max Tang1 5086 0.3068 0.2164 0.0000 0.9976 Tang2 5086 0.4568 0.2355 0.0000 0.9991 Size 5086 15.0193 1.5928 8.7124 20.3136 Prof1 5086 0.1131 0.1295 -2.2302 1.0292 Prof2 5086 0.0660 0.1282 -2.2863 1.0155 Vol1 3546 2.4359 23.9574 0.0001 691.7764 Vol2 3546 2.6230 15.8945 0.0001 349.0565 GO 5086 0.0628 0.1144 0.0000 0.9886 ETR 5086 0.2055 0.1974 0.0000 1.0000 NDTS 5086 0.0472 0.0499 0.0000 1.6065 Panel B – VC-backed firms Variable Obs Mean Std. Dev. Min Max Tang1 2581 0.3283 0.2135 0.0000 0.9976 Tang2 2581 0.4807 0.2296 0.0000 0.9976 Size 2581 15.0811 1.5757 8.7124 20.3136 Prof1 2581 0.1063 0.1252 -1.5221 0.7230 Prof2 2581 0.0588 0.1252 -1.6693 0.6528 Vol1 1811 2.5198 24.5969 0.0001 691.7764 Vol2 1811 3.1261 17.9843 0.0002 349.0565 GO 2581 0.0704 0.1154 0.0000 0.9513 ETR 2581 0.1890 0.2026 0.0000 1.0000 NDTS 2581 0.0476 0.0525 0.0000 1.6065 Panel C – Non-VC-backed firms Variable Obs Mean Std. Dev. Min Max Tang1 2505 0.2846 0.2170 0.0000 0.9682 Tang2 2505 0.4321 0.2390 0.0000 0.9991 Size 2505 14.9557 1.6081 9.1226 19.8560 Prof1 2505 0.1202 0.1335 -2.2302 1.0292 Prof2 2505 0.0734 0.1309 -2.2863 1.0155 Vol1 1735 2.3483 23.2778 0.0002 571.2906 Vol2 1735 2.0979 13.3543 0.0001 326.4380 GO 2505 0.0551 0.1129 0.0000 0.9886 ETR 2505 0.2224 0.1905 0.0000 1.0000 NDTS 2505 0.0468 0.0470 0.0000 0.5348 Tang1: Quotient between tangible fixed assets and total assets; Tang2: Quotient between tangible fixed assets plus inventories and total assets; Size: Natural logarithm of total assets; Prof1:Quotient between EBITDA and total assets; Prof2: Quotient between EBIT and total assets; Vol1: Moving standard deviation of the change in EBITDA, computing the current and the previous two years; Vol2: Moving standard deviation of the change in EBIT, computing the current and the two previous years; GO: Ratio between intangible assets and total assets; ETR: Quotient between the effective corporate tax paid and the earnings before tax; NDTS: Quotient between depreciation and total assets.

16

Pair-wise correlations among all variables are shown in Table 5. Excluding the

obvious conflict between variables included under the same category, the only

concern is related to NDTS, which shows a relevant correlation with tangible assets,

EBITDA and growth opportunities. Since some of the variables are defined as

quotients with the same denominator, namely total assets, this concern is of

importance because the correlation of NDTS could have an additive effect among

some of the variables. Therefore, regressions are run with and without the NDTS in

order to check potential distortions due to collinearity.

Table 5. Correlation matrix

Tang1 Tang2 Size Prof1 Prof2 Vol1 Vol2 GO ETR NDTSTang1 1.0000 Tang2 0.7760 1.0000 0.0000 Size 0.1667 0.1946 1.0000 0.0000 0.0000 Prof1 0.0298 -0.0302 -0.0337 1.0000 0.7854 0.7615 0.5202 Prof2 -0.0619 -0.0763 -0.0002 0.9252 1.0000 0.0005 0.0000 1.0000 0.0000 Vol1 -0.0156 -0.0268 -0.0443 -0.0452 -0.0447 1.0000 1.0000 0.9948 0.3119 0.2759 0.2964 Vol2 0.0092 -0.0226 -0.0173 -0.0626 -0.0735 0.3933 1.0000 1.0000 0.9999 1.0000 0.0085 0.0005 0.0000 GO -0.0428 -0.1336 -0.0492 -0.0423 -0.1531 -0.0024 0.0450 1.0000 0.0976 0.0000 0.0200 0.1092 0.0000 1.0000 0.2816 ETR -0.1074 -0.1132 -0.0017 0.1667 0.1890 -0.0485 -0.0538 -0.0718 1.0000 0.0000 0.0000 1.0000 0.0000 0.0000 0.1608 0.0595 0.0000 NDTS 0.2364 0.1178 -0.0870 0.2188 -0.1679 -0.0050 0.0209 0.2837 -0.0527 1.0000 0.0000 0.0000 0.0000 0.0000 0.0000 1.0000 1.0000 0.0000 0.0076 Tang1: Quotient between tangible fixed assets and total assets; Tang2: Quotient between

tangible fixed assets plus inventories and total assets; Size: Natural logarithm of total

assets; Prof1:Quotient between EBITDA and total assets; Prof2: Quotient between EBIT

and total assets; Vol1: Moving standard deviation of the change in EBITDA, computing the

current and the previous two years; Vol2: Moving standard deviation of the change in EBIT,

computing the current and the previous two years; GO: Ratio between intangible assets and

total assets; ETR: Quotient between the effective corporate tax paid and the earnings before

tax; NDTS: Quotient between depreciation and total assets. P-values in small cases.

17

5 Results

The Hausman test was run on all specifications. The results are shown in Tables 6

and 7, with fixed effects estimation being the most suitable method for both groups

of firms. In order to avoid potential collinearity problems related to the variable

NDTS, all regressions are run excluding this variable. Tables 6 and 7 show the

results related to the variables Tang1 and Tang2, respectively. The results in both

cases are similar, which adds robustness to the results, no matter which variable of

tangibility is used. The results show important differences in the determinants of the

two groups analysed.

The debt ratio is significantly related to the relative importance of tangible assets for

VC-backed firms. Since tangible assets could be used as collateral, firms with more

tangible assets tend to have access to more long term debt. It should be noted that

the coefficients are slightly lower when inventories are added to the amount of

tangible fixed assets (Table 7). This finding confirms Hypothesis 1 for VC-backed

firms.

A similar result is obtained for the size variable, which is positively related to

leverage in VC-backed firms, thus, confirming that those companies face a lower

probability of default. Conversely, in none of the specifications related to non-VC-

backed firms is this coefficient significant. Therefore, Hypothesis 2 is partially

confirmed, since there are, in fact, differences between both groups and only debt

ratios of VC-backed firms seem to be affected by the size of the firm.

Conversely, evidence is found about the effect of profits on leverage, the sign being

negative and significant only in the group of non-VC-backed firms in all

specifications. Therefore, non-VC-backed firms seem to rely first on their internal

resources before accessing debt, as stated by the Pecking Order Theory. On the

contrary, in none of the regressions performed on VC-backed firms was a significant

coefficient found. As a result, Hypothesis 3 is only partially confirmed on the group

of non-VC-backed firms.

When the volatility in returns is considered, in none of the specifications regarding

the VC-backed group were significant results obtained. Turning to the group of non-

VC-backed firms, mixed results are found since the coefficient representing the

moving standard deviation of EBITDA is not significant in all specifications but, on

the contrary, the moving standard deviation of EBIT is significant. On these grounds,

Hypothesis 4 can only be confirmed partially for non-VC-backed firms.

18

The variable representing growth opportunities is positive and significant in all

regressions conducted on VC-backed firms, but no evidence is found about its effect

on leverage in non-VC-backed firms. This result is in line with Hypothesis 5,

confirming that firms that were later funded by VCs show a positive relation between

intangible assets and debt levels. These firms, for which higher leverage ratios than

those of comparable firms not accessing VC are found, seem to exhaust their debt

capacity to finance growth before accessing VC. This finding is in line with the

Pecking Order Theory.

Finally, results show that effective taxes paid do not have a significant effect on

either VC or on non-VC-backed firms. This was to be expected in the former,

according to Hypothesis 6, and not necessarily in the latter. This finding is not in line

with the proposition of the Trade-off Theory.

As checks for robustness, all regressions for VC-backed firms including NDTS were

run and the results remained unchanged. This variable is not significant, as

expected, and the signs of the other variables do not change. Moreover, the same

regressions were run including time dummies and the results do not change either.

19

Table 6. Regression results of the determinants of capital structure in VC and non-VC-backed firms (Tang1)

Dependent Variable: Debt ratio

Indep. First

specification Second

specification Third

specification Fourth

specification

Var. VC Non-VC VC Non-VC VC Non-VC VC Non-VCTang1 0.3041*** 0.2437 0.3152*** 0.2494 0.2847*** 0.2413 0.2932*** 0.2470

(0.0784) (0.1945) (0.0831) (0.1946) (0.0743) (0.1931) (0.0784) (0.1930) Size 0.0941*** 0.0780 0.0925*** 0.0803 0.0951*** 0.0816 0.0941*** 0.0842

(0.0230) (0.0553) (0.0237) (0.0550) (0.0227) (0.0561) (0.0231) (0.0559) Prof1 -0.2875 -0.4105*** -0.3092 -0.4081***

(0.2829) (0.1551) (0.2830) (0.1535) Prof2 -0.3721 -0.3652*** -0.4073 -0.3721***

(0.3292) (0.1403) (0.3271) (0.1384) Vol1 -0.0013 -0.0004 -0.0012 -0.0004

(0.0011) (0.0004) (0.0011) (0.0004) Vol2 -0.0010 -0.0014*** -0.0010 -0.0016***

(0.0008) (0.0005) (0.0007) (0.0005) GO 0.4010*** 0.2898 0.4204*** 0.3015 0.3680*** 0.2386 0.3844*** 0.2510

(0.1268) (0.4734) (0.1260) (0.4739) (0.1227) (0.4834) (0.1211) (0.4836) ETR 0.0868 0.0225 0.0981 0.0157 0.0926 0.0211 0.1034 0.0141

(0.1206) (0.0605) (0.1176) (0.0606) (0.1211) (0.0596) (0.1177) (0.0596) Cons -1.2200*** -0.9565 -1.2022*** -0.9907 -1.2376*** -1.0299 -1.2262*** -1.0673

(0.3504) (0.7618) (0.3586) (0.7573) (0.3461) (0.7801) (0.3512) (0.7763)

Firms 385 385 385 385 385 385 385 385 Obs 1811 1735 1811 1735 1811 1735 1811 1735

Hausman 35.86 25.24 29.92 25.57 29.71 24.57 24.94 24.93 p-value 0.0000 0.0003 0.0000 0.0003 0.0000 0.0004 0.0004 0.0004

Fixed effects regressions of the models. Dependent variable: Ratio between long term debt and long term debt plus total equity. Independent Variables: Tang1: Quotient between tangible fixed assets and total assets; Size: Natural logarithm of total assets; Prof1:Quotient between EBITDA and total assets; Prof2: Quotient between EBIT and total assets; Vol1: Moving standard deviation of the change in EBITDA, computing the current and the two previous years; Vol2: Moving standard deviation of the change in EBIT, computing the current and the two previous years; GO: Ratio between intangible assets and total assets; ETR: Quotient between the effective corporate tax paid and the earnings before tax. Robust standard errors in brackets. *** Significant at the 1% level; **Significant at the 5% level; *Significant at the 10% level.

20

Table 7. Regression results of the determinants capital structure in VC and non-VC-backed firms (Tang2)

Dependent Variable: Debt ratio

Indep. First

specification Second

specification Third

specification Fourth

specification

Var. VC Non-VC VC Non-VC VC Non-VC VC Non-VCTang2 0.2904*** 0.1485 0.2895*** 0.1537 0.2713*** 0.1487 0.2678*** 0.1537

(0.0660) (0.1127) (0.0667) (0.1124) (0.0642) (0.1110) (0.0645) (0.1105) Size 0.1049*** 0.0783 0.1031*** 0.0807 0.1051*** 0.0819 0.1038*** 0.0846

(0.0219) (0.0559) (0.0226) (0.0556) (0.0220) (0.0567) (0.0225) (0.0565) Prof1 -0.2660 -0.4088*** -0.2873 -0.4060***

(0.2806) (0.1566) (0.2810) (0.1549) Prof2 -0.3541 -0.3648*** -0.3908 -0.3712***

(0.3288) (0.1420) (0.3269) (0.1401) Vol1 -0.0013 -0.0003 -0.0012 -0.0004

(0.0012) (0.0004) (0.0011) (0.0004) Vol2 -0.0009 -0.0014*** -0.0009 -0.0016***

(0.0007) (0.0005) (0.0007) (0.0005) GO 0.4134*** 0.2635 0.4301*** 0.2751 0.3808*** 0.2133 0.3943*** 0.2257

(0.1263) (0.4473) (0.1258) (0.4477) (0.1223) (0.4567) (0.1210) (0.4567) ETR 0.0800 0.0196 0.0917 0.0128 0.0862 0.0182 0.0976 0.0112

(0.1210) (0.0616) (0.1180) (0.0616) (0.1217) (0.0606) (0.1182) (0.0604) Cons -1.4263*** -0.9538 -1.4012*** -0.9897 -1.4278*** -1.0281 -1.4073*** -1.0669

(0.3409) (0.7878) (0.3503) (0.7829) (0.3443) (0.8068) (0.3509) (0.8025)

Firms 385 385 385 385 385 385 385 385 Obs 1811 1735 1811 1735 1811 1735 1811 1735

Hausman 47.30 27.09 40.05 27.40 42.61 27.81 36.83 28.16 p-value 0.0000 0.0001 0.0000 0.0001 0.0000 0.0001 0.0000 0.0001

Fixed effects regressions of the models. Dependent variable: Ratio between long term debt and long term debt plus total equity. Independent Variables: Tang2: Quotient between tangible fixed assets plus inventories and total assets; Size: Natural logarithm of total assets; Prof1:Quotient between EBITDA and total assets; Prof2: Quotient between EBIT and total assets; Vol1: Moving standard deviation of the change in EBITDA, computing the current and the two previous years; Vol2: Moving standard deviation of the change in EBIT, computing the current and the two previous years; GO: Ratio between intangible assets and total assets; ETR: Quotient between the effective corporate tax paid and the earnings before tax. Robust standard errors in brackets. *** Significant at the 1% level; **Significant at the 5% level; *Significant at the 10% level.

6 Conclusions and discussion

VC is a long term source of funding for firms that cannot access stock markets to

finance their start-up process and/or their growth. The literature on finance and

entrepreneurship has profoundly analysed the characteristics of firms that lead to

the entry of a VC firm. Nevertheless, those papers basically rely on surveys that aim

to find psychological, technological or other determinants related to market issues.

The aim of this paper, which is rooted on the theories about capital structure, is to

identify the determinants of leverage on firms that are able to attract VC later. A

matched sample of similar non-VC-backed firms is used as a control group. The

21

analyses are carried out on accounting data related to a sample of 385 Spanish

growth firms in the years before receiving VC funding. The scope includes

investments performed between 1995 and 2007.

Significant differences are found between the capital structures of the firms that

received VC later and those that did not receive it. Only profitability is significant for

non-VC-backed firms in all specifications and mixed results are obtained for

volatility. None of the remaining determinants found in the literature proved to be

significant for this group of firms. The lack of significance of tangibility and size in the

non-VC-backed sample could be based on the fact that they are capable of

generating enough resources internally, not needing external financing and

therefore the use of collaterals.

Conversely, firms that later receive VC consistently show a significant effect on debt

of tangibility, size, and growth opportunities. If we only assume the information

asymmetry implications of the first two and the clear alignment of the last one, we

can conclude that the explanatory capacity of the Pecking Order Theory in the VC-

backed group is superior.

This paper contributes to the literature on entrepreneurial finance by providing firm

evidence of the significant effect of growth opportunities to explain the greater

leverage ratios found in firms that later receive VC. This finding is in line with the

Pecking Order Theory, since firms seem to exhaust their debt capacity before

accessing VC. VCs are better prepared to face the information asymmetries found in

unquoted growth firms. On the contrary, tax effects are not important at that stage

because the main goal for those firms is focused on its growth. The tax effects could

become important once they have completed their growth objectives.

This paper also considers a slightly different approach to the one used in the

literature on capital structure to measure volatility. This variable is included through

a three-year moving standard deviation. We believe that this measure reflects the

information that banks analyse before allocating loans to client firms. They usually

consider a limited number of years. In the same vein, this seems more appropriate

in the context of unbalanced panels, since one single standard deviation would

imply computing a different number of observations for each firm.

As regards the limitations, the first one is the potential endogeneity of the models,

since we are dealing with accounting variables that could not be fully exogenous.

For that reason, we chose as debt ratio the long term debt divided by the long term

22

debt plus equity rather than the same divided by total assets. Focusing on a

dynamic model could address this concern, but a considerable amount of important

information regarding the years that are closer to the VC entry year would be lost.

A second limitation is the potential heterogeneity of the firms in the sample that

could explain the results obtained on the non-VC group. Industry dummies could

help in this respect. However, the inclusion of industry dummies would imply a high

number of exogenous variables in the analysis, which could distort the results. In

any case, consistent results were found in the case of the VC group.

Finally, due to unavailability of data, some variables that are sometimes included in

papers based on quoted firms are not considered in our analysis. We were unable

to test the impact of marketing and research & development expenditures, or other

variables about the specificity of the product, on the debt ratio.

Regarding future research, a further addition would be to increase sample size in

order to be able to analyse the determinants in certain sectors, relying on a

homogeneous sample of firms. Finally, it could be interesting to test whether the

results obtained in this sample of Spanish VC-backed firms are also found in other

countries.

23

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FUNDACIÓN DE LAS CAJAS DE AHORROS

DOCUMENTOS DE TRABAJO

Últimos números publicados

159/2000 Participación privada en la construcción y explotación de carreteras de peaje Ginés de Rus, Manuel Romero y Lourdes Trujillo

160/2000 Errores y posibles soluciones en la aplicación del Value at Risk Mariano González Sánchez

161/2000 Tax neutrality on saving assets. The spahish case before and after the tax reform Cristina Ruza y de Paz-Curbera

162/2000 Private rates of return to human capital in Spain: new evidence F. Barceinas, J. Oliver-Alonso, J.L. Raymond y J.L. Roig-Sabaté

163/2000 El control interno del riesgo. Una propuesta de sistema de límites riesgo neutral Mariano González Sánchez

164/2001 La evolución de las políticas de gasto de las Administraciones Públicas en los años 90 Alfonso Utrilla de la Hoz y Carmen Pérez Esparrells

165/2001 Bank cost efficiency and output specification Emili Tortosa-Ausina

166/2001 Recent trends in Spanish income distribution: A robust picture of falling income inequality Josep Oliver-Alonso, Xavier Ramos y José Luis Raymond-Bara

167/2001 Efectos redistributivos y sobre el bienestar social del tratamiento de las cargas familiares en el nuevo IRPF Nuria Badenes Plá, Julio López Laborda, Jorge Onrubia Fernández

168/2001 The Effects of Bank Debt on Financial Structure of Small and Medium Firms in some Euro-pean Countries Mónica Melle-Hernández

169/2001 La política de cohesión de la UE ampliada: la perspectiva de España Ismael Sanz Labrador

170/2002 Riesgo de liquidez de Mercado Mariano González Sánchez

171/2002 Los costes de administración para el afiliado en los sistemas de pensiones basados en cuentas de capitalización individual: medida y comparación internacional. José Enrique Devesa Carpio, Rosa Rodríguez Barrera, Carlos Vidal Meliá

172/2002 La encuesta continua de presupuestos familiares (1985-1996): descripción, representatividad y propuestas de metodología para la explotación de la información de los ingresos y el gasto. Llorenc Pou, Joaquín Alegre

173/2002 Modelos paramétricos y no paramétricos en problemas de concesión de tarjetas de credito. Rosa Puertas, María Bonilla, Ignacio Olmeda

174/2002 Mercado único, comercio intra-industrial y costes de ajuste en las manufacturas españolas. José Vicente Blanes Cristóbal

175/2003 La Administración tributaria en España. Un análisis de la gestión a través de los ingresos y de los gastos. Juan de Dios Jiménez Aguilera, Pedro Enrique Barrilao González

176/2003 The Falling Share of Cash Payments in Spain. Santiago Carbó Valverde, Rafael López del Paso, David B. Humphrey Publicado en “Moneda y Crédito” nº 217, pags. 167-189.

177/2003 Effects of ATMs and Electronic Payments on Banking Costs: The Spanish Case. Santiago Carbó Valverde, Rafael López del Paso, David B. Humphrey

178/2003 Factors explaining the interest margin in the banking sectors of the European Union. Joaquín Maudos y Juan Fernández Guevara

179/2003 Los planes de stock options para directivos y consejeros y su valoración por el mercado de valores en España. Mónica Melle Hernández

180/2003 Ownership and Performance in Europe and US Banking – A comparison of Commercial, Co-operative & Savings Banks. Yener Altunbas, Santiago Carbó y Phil Molyneux

181/2003 The Euro effect on the integration of the European stock markets. Mónica Melle Hernández

182/2004 In search of complementarity in the innovation strategy: international R&D and external knowledge acquisition. Bruno Cassiman, Reinhilde Veugelers

183/2004 Fijación de precios en el sector público: una aplicación para el servicio municipal de sumi-nistro de agua. Mª Ángeles García Valiñas

184/2004 Estimación de la economía sumergida es España: un modelo estructural de variables latentes. Ángel Alañón Pardo, Miguel Gómez de Antonio

185/2004 Causas políticas y consecuencias sociales de la corrupción. Joan Oriol Prats Cabrera

186/2004 Loan bankers’ decisions and sensitivity to the audit report using the belief revision model. Andrés Guiral Contreras and José A. Gonzalo Angulo

187/2004 El modelo de Black, Derman y Toy en la práctica. Aplicación al mercado español. Marta Tolentino García-Abadillo y Antonio Díaz Pérez

188/2004 Does market competition make banks perform well?. Mónica Melle

189/2004 Efficiency differences among banks: external, technical, internal, and managerial Santiago Carbó Valverde, David B. Humphrey y Rafael López del Paso

190/2004 Una aproximación al análisis de los costes de la esquizofrenia en españa: los modelos jerár-quicos bayesianos F. J. Vázquez-Polo, M. A. Negrín, J. M. Cavasés, E. Sánchez y grupo RIRAG

191/2004 Environmental proactivity and business performance: an empirical analysis Javier González-Benito y Óscar González-Benito

192/2004 Economic risk to beneficiaries in notional defined contribution accounts (NDCs) Carlos Vidal-Meliá, Inmaculada Domínguez-Fabian y José Enrique Devesa-Carpio

193/2004 Sources of efficiency gains in port reform: non parametric malmquist decomposition tfp in-dex for Mexico Antonio Estache, Beatriz Tovar de la Fé y Lourdes Trujillo

194/2004 Persistencia de resultados en los fondos de inversión españoles Alfredo Ciriaco Fernández y Rafael Santamaría Aquilué

195/2005 El modelo de revisión de creencias como aproximación psicológica a la formación del juicio del auditor sobre la gestión continuada Andrés Guiral Contreras y Francisco Esteso Sánchez

196/2005 La nueva financiación sanitaria en España: descentralización y prospectiva David Cantarero Prieto

197/2005 A cointegration analysis of the Long-Run supply response of Spanish agriculture to the com-mon agricultural policy José A. Mendez, Ricardo Mora y Carlos San Juan

198/2005 ¿Refleja la estructura temporal de los tipos de interés del mercado español preferencia por la li-quidez? Magdalena Massot Perelló y Juan M. Nave

199/2005 Análisis de impacto de los Fondos Estructurales Europeos recibidos por una economía regional: Un enfoque a través de Matrices de Contabilidad Social M. Carmen Lima y M. Alejandro Cardenete

200/2005 Does the development of non-cash payments affect monetary policy transmission? Santiago Carbó Valverde y Rafael López del Paso

201/2005 Firm and time varying technical and allocative efficiency: an application for port cargo han-dling firms Ana Rodríguez-Álvarez, Beatriz Tovar de la Fe y Lourdes Trujillo

202/2005 Contractual complexity in strategic alliances Jeffrey J. Reuer y Africa Ariño

203/2005 Factores determinantes de la evolución del empleo en las empresas adquiridas por opa Nuria Alcalde Fradejas y Inés Pérez-Soba Aguilar

204/2005 Nonlinear Forecasting in Economics: a comparison between Comprehension Approach versus Learning Approach. An Application to Spanish Time Series Elena Olmedo, Juan M. Valderas, Ricardo Gimeno and Lorenzo Escot

205/2005 Precio de la tierra con presión urbana: un modelo para España Esther Decimavilla, Carlos San Juan y Stefan Sperlich

206/2005 Interregional migration in Spain: a semiparametric analysis Adolfo Maza y José Villaverde

207/2005 Productivity growth in European banking Carmen Murillo-Melchor, José Manuel Pastor y Emili Tortosa-Ausina

208/2005 Explaining Bank Cost Efficiency in Europe: Environmental and Productivity Influences. Santiago Carbó Valverde, David B. Humphrey y Rafael López del Paso

209/2005 La elasticidad de sustitución intertemporal con preferencias no separables intratemporalmente: los casos de Alemania, España y Francia. Elena Márquez de la Cruz, Ana R. Martínez Cañete y Inés Pérez-Soba Aguilar

210/2005 Contribución de los efectos tamaño, book-to-market y momentum a la valoración de activos: el caso español. Begoña Font-Belaire y Alfredo Juan Grau-Grau

211/2005 Permanent income, convergence and inequality among countries José M. Pastor and Lorenzo Serrano

212/2005 The Latin Model of Welfare: Do ‘Insertion Contracts’ Reduce Long-Term Dependence? Luis Ayala and Magdalena Rodríguez

213/2005 The effect of geographic expansion on the productivity of Spanish savings banks Manuel Illueca, José M. Pastor and Emili Tortosa-Ausina

214/2005 Dynamic network interconnection under consumer switching costs Ángel Luis López Rodríguez

215/2005 La influencia del entorno socioeconómico en la realización de estudios universitarios: una aproxi-mación al caso español en la década de los noventa Marta Rahona López

216/2005 The valuation of spanish ipos: efficiency analysis Susana Álvarez Otero

217/2005 On the generation of a regular multi-input multi-output technology using parametric output dis-tance functions Sergio Perelman and Daniel Santin

218/2005 La gobernanza de los procesos parlamentarios: la organización industrial del congreso de los di-putados en España Gonzalo Caballero Miguez

219/2005 Determinants of bank market structure: Efficiency and political economy variables Francisco González

220/2005 Agresividad de las órdenes introducidas en el mercado español: estrategias, determinantes y me-didas de performance David Abad Díaz

221/2005 Tendencia post-anuncio de resultados contables: evidencia para el mercado español Carlos Forner Rodríguez, Joaquín Marhuenda Fructuoso y Sonia Sanabria García

222/2005 Human capital accumulation and geography: empirical evidence in the European Union Jesús López-Rodríguez, J. Andrés Faíña y Jose Lopez Rodríguez

223/2005 Auditors' Forecasting in Going Concern Decisions: Framing, Confidence and Information Proc-essing Waymond Rodgers and Andrés Guiral

224/2005 The effect of Structural Fund spending on the Galician region: an assessment of the 1994-1999 and 2000-2006 Galician CSFs José Ramón Cancelo de la Torre, J. Andrés Faíña and Jesús López-Rodríguez

225/2005 The effects of ownership structure and board composition on the audit committee activity: Span-ish evidence Carlos Fernández Méndez and Rubén Arrondo García

226/2005 Cross-country determinants of bank income smoothing by managing loan loss provisions Ana Rosa Fonseca and Francisco González

227/2005 Incumplimiento fiscal en el irpf (1993-2000): un análisis de sus factores determinantes Alejandro Estellér Moré

228/2005 Region versus Industry effects: volatility transmission Pilar Soriano Felipe and Francisco J. Climent Diranzo

229/2005 Concurrent Engineering: The Moderating Effect Of Uncertainty On New Product Development Success Daniel Vázquez-Bustelo and Sandra Valle

230/2005 On zero lower bound traps: a framework for the analysis of monetary policy in the ‘age’ of cen-tral banks Alfonso Palacio-Vera

231/2005 Reconciling Sustainability and Discounting in Cost Benefit Analysis: a methodological proposal M. Carmen Almansa Sáez and Javier Calatrava Requena

232/2005 Can The Excess Of Liquidity Affect The Effectiveness Of The European Monetary Policy? Santiago Carbó Valverde and Rafael López del Paso

233/2005 Inheritance Taxes In The Eu Fiscal Systems: The Present Situation And Future Perspectives. Miguel Angel Barberán Lahuerta

234/2006 Bank Ownership And Informativeness Of Earnings. Víctor M. González

235/2006 Developing A Predictive Method: A Comparative Study Of The Partial Least Squares Vs Maxi-mum Likelihood Techniques. Waymond Rodgers, Paul Pavlou and Andres Guiral.

236/2006 Using Compromise Programming for Macroeconomic Policy Making in a General Equilibrium Framework: Theory and Application to the Spanish Economy. Francisco J. André, M. Alejandro Cardenete y Carlos Romero.

237/2006 Bank Market Power And Sme Financing Constraints. Santiago Carbó-Valverde, Francisco Rodríguez-Fernández y Gregory F. Udell.

238/2006 Trade Effects Of Monetary Agreements: Evidence For Oecd Countries. Salvador Gil-Pareja, Rafael Llorca-Vivero y José Antonio Martínez-Serrano.

239/2006 The Quality Of Institutions: A Genetic Programming Approach. Marcos Álvarez-Díaz y Gonzalo Caballero Miguez.

240/2006 La interacción entre el éxito competitivo y las condiciones del mercado doméstico como deter-minantes de la decisión de exportación en las Pymes. Francisco García Pérez.

241/2006 Una estimación de la depreciación del capital humano por sectores, por ocupación y en el tiempo. Inés P. Murillo.

242/2006 Consumption And Leisure Externalities, Economic Growth And Equilibrium Efficiency. Manuel A. Gómez.

243/2006 Measuring efficiency in education: an analysis of different approaches for incorporating non-discretionary inputs. Jose Manuel Cordero-Ferrera, Francisco Pedraja-Chaparro y Javier Salinas-Jiménez

244/2006 Did The European Exchange-Rate Mechanism Contribute To The Integration Of Peripheral Countries?. Salvador Gil-Pareja, Rafael Llorca-Vivero y José Antonio Martínez-Serrano

245/2006 Intergenerational Health Mobility: An Empirical Approach Based On The Echp. Marta Pascual and David Cantarero

246/2006 Measurement and analysis of the Spanish Stock Exchange using the Lyapunov exponent with digital technology. Salvador Rojí Ferrari and Ana Gonzalez Marcos

247/2006 Testing For Structural Breaks In Variance Withadditive Outliers And Measurement Errors. Paulo M.M. Rodrigues and Antonio Rubia

248/2006 The Cost Of Market Power In Banking: Social Welfare Loss Vs. Cost Inefficiency. Joaquín Maudos and Juan Fernández de Guevara

249/2006 Elasticidades de largo plazo de la demanda de vivienda: evidencia para España (1885-2000). Desiderio Romero Jordán, José Félix Sanz Sanz y César Pérez López

250/2006 Regional Income Disparities in Europe: What role for location?. Jesús López-Rodríguez and J. Andrés Faíña

251/2006 Funciones abreviadas de bienestar social: Una forma sencilla de simultanear la medición de la eficiencia y la equidad de las políticas de gasto público. Nuria Badenes Plá y Daniel Santín González

252/2006 “The momentum effect in the Spanish stock market: Omitted risk factors or investor behaviour?”. Luis Muga and Rafael Santamaría

253/2006 Dinámica de precios en el mercado español de gasolina: un equilibrio de colusión tácita. Jordi Perdiguero García

254/2006 Desigualdad regional en España: renta permanente versus renta corriente. José M.Pastor, Empar Pons y Lorenzo Serrano

255/2006 Environmental implications of organic food preferences: an application of the impure public goods model. Ana Maria Aldanondo-Ochoa y Carmen Almansa-Sáez

256/2006 Family tax credits versus family allowances when labour supply matters: Evidence for Spain. José Felix Sanz-Sanz, Desiderio Romero-Jordán y Santiago Álvarez-García

257/2006 La internacionalización de la empresa manufacturera española: efectos del capital humano genérico y específico. José López Rodríguez

258/2006 Evaluación de las migraciones interregionales en España, 1996-2004. María Martínez Torres

259/2006 Efficiency and market power in Spanish banking. Rolf Färe, Shawna Grosskopf y Emili Tortosa-Ausina.

260/2006 Asimetrías en volatilidad, beta y contagios entre las empresas grandes y pequeñas cotizadas en la bolsa española. Helena Chuliá y Hipòlit Torró.

261/2006 Birth Replacement Ratios: New Measures of Period Population Replacement. José Antonio Ortega.

262/2006 Accidentes de tráfico, víctimas mortales y consumo de alcohol. José Mª Arranz y Ana I. Gil.

263/2006 Análisis de la Presencia de la Mujer en los Consejos de Administración de las Mil Mayores Em-presas Españolas. Ruth Mateos de Cabo, Lorenzo Escot Mangas y Ricardo Gimeno Nogués.

264/2006 Crisis y Reforma del Pacto de Estabilidad y Crecimiento. Las Limitaciones de la Política Econó-mica en Europa. Ignacio Álvarez Peralta.

265/2006 Have Child Tax Allowances Affected Family Size? A Microdata Study For Spain (1996-2000). Jaime Vallés-Giménez y Anabel Zárate-Marco.

266/2006 Health Human Capital And The Shift From Foraging To Farming. Paolo Rungo.

267/2006 Financiación Autonómica y Política de la Competencia: El Mercado de Gasolina en Canarias. Juan Luis Jiménez y Jordi Perdiguero.

268/2006 El cumplimiento del Protocolo de Kyoto para los hogares españoles: el papel de la imposición sobre la energía. Desiderio Romero-Jordán y José Félix Sanz-Sanz.

269/2006 Banking competition, financial dependence and economic growth Joaquín Maudos y Juan Fernández de Guevara

270/2006 Efficiency, subsidies and environmental adaptation of animal farming under CAP Werner Kleinhanß, Carmen Murillo, Carlos San Juan y Stefan Sperlich

271/2006 Interest Groups, Incentives to Cooperation and Decision-Making Process in the European Union A. Garcia-Lorenzo y Jesús López-Rodríguez

272/2006 Riesgo asimétrico y estrategias de momentum en el mercado de valores español Luis Muga y Rafael Santamaría

273/2006 Valoración de capital-riesgo en proyectos de base tecnológica e innovadora a través de la teoría de opciones reales Gracia Rubio Martín

274/2006 Capital stock and unemployment: searching for the missing link Ana Rosa Martínez-Cañete, Elena Márquez de la Cruz, Alfonso Palacio-Vera and Inés Pérez-Soba Aguilar

275/2006 Study of the influence of the voters’ political culture on vote decision through the simulation of a political competition problem in Spain Sagrario Lantarón, Isabel Lillo, Mª Dolores López and Javier Rodrigo

276/2006 Investment and growth in Europe during the Golden Age Antonio Cubel and Mª Teresa Sanchis

277/2006 Efectos de vincular la pensión pública a la inversión en cantidad y calidad de hijos en un modelo de equilibrio general Robert Meneu Gaya

278/2006 El consumo y la valoración de activos Elena Márquez y Belén Nieto

279/2006 Economic growth and currency crisis: A real exchange rate entropic approach David Matesanz Gómez y Guillermo J. Ortega

280/2006 Three measures of returns to education: An illustration for the case of Spain María Arrazola y José de Hevia

281/2006 Composition of Firms versus Composition of Jobs Antoni Cunyat

282/2006 La vocación internacional de un holding tranviario belga: la Compagnie Mutuelle de Tram-ways, 1895-1918 Alberte Martínez López

283/2006 Una visión panorámica de las entidades de crédito en España en la última década. Constantino García Ramos

284/2006 Foreign Capital and Business Strategies: a comparative analysis of urban transport in Madrid and Barcelona, 1871-1925 Alberte Martínez López

285/2006 Los intereses belgas en la red ferroviaria catalana, 1890-1936 Alberte Martínez López

286/2006 The Governance of Quality: The Case of the Agrifood Brand Names Marta Fernández Barcala, Manuel González-Díaz y Emmanuel Raynaud

287/2006 Modelling the role of health status in the transition out of malthusian equilibrium Paolo Rungo, Luis Currais and Berta Rivera

288/2006 Industrial Effects of Climate Change Policies through the EU Emissions Trading Scheme Xavier Labandeira and Miguel Rodríguez

289/2006 Globalisation and the Composition of Government Spending: An analysis for OECD countries Norman Gemmell, Richard Kneller and Ismael Sanz

290/2006 La producción de energía eléctrica en España: Análisis económico de la actividad tras la liberali-zación del Sector Eléctrico Fernando Hernández Martínez

291/2006 Further considerations on the link between adjustment costs and the productivity of R&D invest-ment: evidence for Spain Desiderio Romero-Jordán, José Félix Sanz-Sanz and Inmaculada Álvarez-Ayuso

292/2006 Una teoría sobre la contribución de la función de compras al rendimiento empresarial Javier González Benito

293/2006 Agility drivers, enablers and outcomes: empirical test of an integrated agile manufacturing model Daniel Vázquez-Bustelo, Lucía Avella and Esteban Fernández

294/2006 Testing the parametric vs the semiparametric generalized mixed effects models María José Lombardía and Stefan Sperlich

295/2006 Nonlinear dynamics in energy futures Mariano Matilla-García

296/2006 Estimating Spatial Models By Generalized Maximum Entropy Or How To Get Rid Of W Esteban Fernández Vázquez, Matías Mayor Fernández and Jorge Rodriguez-Valez

297/2006 Optimización fiscal en las transmisiones lucrativas: análisis metodológico Félix Domínguez Barrero

298/2006 La situación actual de la banca online en España Francisco José Climent Diranzo y Alexandre Momparler Pechuán

299/2006 Estrategia competitiva y rendimiento del negocio: el papel mediador de la estrategia y las capacidades productivas Javier González Benito y Isabel Suárez González

300/2006 A Parametric Model to Estimate Risk in a Fixed Income Portfolio Pilar Abad and Sonia Benito

301/2007 Análisis Empírico de las Preferencias Sociales Respecto del Gasto en Obra Social de las Cajas de Ahorros Alejandro Esteller-Moré, Jonathan Jorba Jiménez y Albert Solé-Ollé

302/2007 Assessing the enlargement and deepening of regional trading blocs: The European Union case Salvador Gil-Pareja, Rafael Llorca-Vivero y José Antonio Martínez-Serrano

303/2007 ¿Es la Franquicia un Medio de Financiación?: Evidencia para el Caso Español Vanesa Solís Rodríguez y Manuel González Díaz

304/2007 On the Finite-Sample Biases in Nonparametric Testing for Variance Constancy Paulo M.M. Rodrigues and Antonio Rubia

305/2007 Spain is Different: Relative Wages 1989-98 José Antonio Carrasco Gallego

306/2007 Poverty reduction and SAM multipliers: An evaluation of public policies in a regional framework Francisco Javier De Miguel-Vélez y Jesús Pérez-Mayo

307/2007 La Eficiencia en la Gestión del Riesgo de Crédito en las Cajas de Ahorro Marcelino Martínez Cabrera

308/2007 Optimal environmental policy in transport: unintended effects on consumers' generalized price M. Pilar Socorro and Ofelia Betancor

309/2007 Agricultural Productivity in the European Regions: Trends and Explanatory Factors Roberto Ezcurra, Belen Iráizoz, Pedro Pascual and Manuel Rapún

310/2007 Long-run Regional Population Divergence and Modern Economic Growth in Europe: a Case Study of Spain María Isabel Ayuda, Fernando Collantes and Vicente Pinilla

311/2007 Financial Information effects on the measurement of Commercial Banks’ Efficiency Borja Amor, María T. Tascón and José L. Fanjul

312/2007 Neutralidad e incentivos de las inversiones financieras en el nuevo IRPF Félix Domínguez Barrero

313/2007 The Effects of Corporate Social Responsibility Perceptions on The Valuation of Common Stock Waymond Rodgers , Helen Choy and Andres Guiral-Contreras

314/2007 Country Creditor Rights, Information Sharing and Commercial Banks’ Profitability Persistence across the world Borja Amor, María T. Tascón and José L. Fanjul

315/2007 ¿Es Relevante el Déficit Corriente en una Unión Monetaria? El Caso Español Javier Blanco González y Ignacio del Rosal Fernández

316/2007 The Impact of Credit Rating Announcements on Spanish Corporate Fixed Income Performance: Returns, Yields and Liquidity Pilar Abad, Antonio Díaz and M. Dolores Robles

317/2007 Indicadores de Lealtad al Establecimiento y Formato Comercial Basados en la Distribución del Presupuesto Cesar Augusto Bustos Reyes y Óscar González Benito

318/2007 Migrants and Market Potential in Spain over The XXth Century: A Test Of The New Economic Geography Daniel A. Tirado, Jordi Pons, Elisenda Paluzie and Javier Silvestre

319/2007 El Impacto del Coste de Oportunidad de la Actividad Emprendedora en la Intención de los Ciu-dadanos Europeos de Crear Empresas Luis Miguel Zapico Aldeano

320/2007 Los belgas y los ferrocarriles de vía estrecha en España, 1887-1936 Alberte Martínez López

321/2007 Competición política bipartidista. Estudio geométrico del equilibrio en un caso ponderado Isabel Lillo, Mª Dolores López y Javier Rodrigo

322/2007 Human resource management and environment management systems: an empirical study Mª Concepción López Fernández, Ana Mª Serrano Bedia and Gema García Piqueres

323/2007 Wood and industrialization. evidence and hypotheses from the case of Spain, 1860-1935. Iñaki Iriarte-Goñi and María Isabel Ayuda Bosque

324/2007 New evidence on long-run monetary neutrality. J. Cunado, L.A. Gil-Alana and F. Perez de Gracia

325/2007 Monetary policy and structural changes in the volatility of us interest rates. Juncal Cuñado, Javier Gomez Biscarri and Fernando Perez de Gracia

326/2007 The productivity effects of intrafirm diffusion. Lucio Fuentelsaz, Jaime Gómez and Sergio Palomas

327/2007 Unemployment duration, layoffs and competing risks. J.M. Arranz, C. García-Serrano and L. Toharia

328/2007 El grado de cobertura del gasto público en España respecto a la UE-15 Nuria Rueda, Begoña Barruso, Carmen Calderón y Mª del Mar Herrador

329/2007 The Impact of Direct Subsidies in Spain before and after the CAP'92 Reform Carmen Murillo, Carlos San Juan and Stefan Sperlich

330/2007 Determinants of post-privatisation performance of Spanish divested firms Laura Cabeza García and Silvia Gómez Ansón

331/2007 ¿Por qué deciden diversificar las empresas españolas? Razones oportunistas versus razones económicas Almudena Martínez Campillo

332/2007 Dynamical Hierarchical Tree in Currency Markets Juan Gabriel Brida, David Matesanz Gómez and Wiston Adrián Risso

333/2007 Los determinantes sociodemográficos del gasto sanitario. Análisis con microdatos individuales Ana María Angulo, Ramón Barberán, Pilar Egea y Jesús Mur

334/2007 Why do companies go private? The Spanish case Inés Pérez-Soba Aguilar

335/2007 The use of gis to study transport for disabled people Verónica Cañal Fernández

336/2007 The long run consequences of M&A: An empirical application Cristina Bernad, Lucio Fuentelsaz and Jaime Gómez

337/2007 Las clasificaciones de materias en economía: principios para el desarrollo de una nueva clasificación Valentín Edo Hernández

338/2007 Reforming Taxes and Improving Health: A Revenue-Neutral Tax Reform to Eliminate Medical and Pharmaceutical VAT Santiago Álvarez-García, Carlos Pestana Barros y Juan Prieto-Rodriguez

339/2007 Impacts of an iron and steel plant on residential property values Celia Bilbao-Terol

340/2007 Firm size and capital structure: Evidence using dynamic panel data Víctor M. González and Francisco González

341/2007 ¿Cómo organizar una cadena hotelera? La elección de la forma de gobierno Marta Fernández Barcala y Manuel González Díaz

342/2007 Análisis de los efectos de la decisión de diversificar: un contraste del marco teórico “Agencia-Stewardship” Almudena Martínez Campillo y Roberto Fernández Gago

343/2007 Selecting portfolios given multiple eurostoxx-based uncertainty scenarios: a stochastic goal pro-gramming approach from fuzzy betas Enrique Ballestero, Blanca Pérez-Gladish, Mar Arenas-Parra and Amelia Bilbao-Terol

344/2007 “El bienestar de los inmigrantes y los factores implicados en la decisión de emigrar” Anastasia Hernández Alemán y Carmelo J. León

345/2007 Governance Decisions in the R&D Process: An Integrative Framework Based on TCT and Know-ledge View of The Firm. Andrea Martínez-Noya and Esteban García-Canal

346/2007 Diferencias salariales entre empresas públicas y privadas. El caso español Begoña Cueto y Nuria Sánchez- Sánchez

347/2007 Effects of Fiscal Treatments of Second Home Ownership on Renting Supply Celia Bilbao Terol and Juan Prieto Rodríguez

348/2007 Auditors’ ethical dilemmas in the going concern evaluation Andres Guiral, Waymond Rodgers, Emiliano Ruiz and Jose A. Gonzalo

349/2007 Convergencia en capital humano en España. Un análisis regional para el periodo 1970-2004 Susana Morales Sequera y Carmen Pérez Esparrells

350/2007 Socially responsible investment: mutual funds portfolio selection using fuzzy multiobjective pro-gramming Blanca Mª Pérez-Gladish, Mar Arenas-Parra , Amelia Bilbao-Terol and Mª Victoria Rodríguez-Uría

351/2007 Persistencia del resultado contable y sus componentes: implicaciones de la medida de ajustes por devengo Raúl Iñiguez Sánchez y Francisco Poveda Fuentes

352/2007 Wage Inequality and Globalisation: What can we Learn from the Past? A General Equilibrium Approach Concha Betrán, Javier Ferri and Maria A. Pons

353/2007 Eficacia de los incentivos fiscales a la inversión en I+D en España en los años noventa Desiderio Romero Jordán y José Félix Sanz Sanz

354/2007 Convergencia regional en renta y bienestar en España Robert Meneu Gaya

355/2007 Tributación ambiental: Estado de la Cuestión y Experiencia en España Ana Carrera Poncela

356/2007 Salient features of dependence in daily us stock market indices Luis A. Gil-Alana, Juncal Cuñado and Fernando Pérez de Gracia

357/2007 La educación superior: ¿un gasto o una inversión rentable para el sector público? Inés P. Murillo y Francisco Pedraja

358/2007 Effects of a reduction of working hours on a model with job creation and job destruction Emilio Domínguez, Miren Ullibarri y Idoya Zabaleta

359/2007 Stock split size, signaling and earnings management: Evidence from the Spanish market José Yagüe, J. Carlos Gómez-Sala and Francisco Poveda-Fuentes

360/2007 Modelización de las expectativas y estrategias de inversión en mercados de derivados Begoña Font-Belaire

361/2008 Trade in capital goods during the golden age, 1953-1973 Mª Teresa Sanchis and Antonio Cubel

362/2008 El capital económico por riesgo operacional: una aplicación del modelo de distribución de pérdidas Enrique José Jiménez Rodríguez y José Manuel Feria Domínguez

363/2008 The drivers of effectiveness in competition policy Joan-Ramon Borrell and Juan-Luis Jiménez

364/2008 Corporate governance structure and board of directors remuneration policies: evidence from Spain Carlos Fernández Méndez, Rubén Arrondo García and Enrique Fernández Rodríguez

365/2008 Beyond the disciplinary role of governance: how boards and donors add value to Spanish founda-tions Pablo De Andrés Alonso, Valentín Azofra Palenzuela y M. Elena Romero Merino

366/2008 Complejidad y perfeccionamiento contractual para la contención del oportunismo en los acuerdos de franquicia Vanesa Solís Rodríguez y Manuel González Díaz

367/2008 Inestabilidad y convergencia entre las regiones europeas Jesús Mur, Fernando López y Ana Angulo

368/2008 Análisis espacial del cierre de explotaciones agrarias Ana Aldanondo Ochoa, Carmen Almansa Sáez y Valero Casanovas Oliva

369/2008 Cross-Country Efficiency Comparison between Italian and Spanish Public Universities in the period 2000-2005 Tommaso Agasisti and Carmen Pérez Esparrells

370/2008 El desarrollo de la sociedad de la información en España: un análisis por comunidades autónomas María Concepción García Jiménez y José Luis Gómez Barroso

371/2008 El medioambiente y los objetivos de fabricación: un análisis de los modelos estratégicos para su consecución Lucía Avella Camarero, Esteban Fernández Sánchez y Daniel Vázquez-Bustelo

372/2008 Influence of bank concentration and institutions on capital structure: New international evidence Víctor M. González and Francisco González

373/2008 Generalización del concepto de equilibrio en juegos de competición política Mª Dolores López González y Javier Rodrigo Hitos

374/2008 Smooth Transition from Fixed Effects to Mixed Effects Models in Multi-level regression Models María José Lombardía and Stefan Sperlich

375/2008 A Revenue-Neutral Tax Reform to Increase Demand for Public Transport Services Carlos Pestana Barros and Juan Prieto-Rodriguez

376/2008 Measurement of intra-distribution dynamics: An application of different approaches to the Euro-pean regions Adolfo Maza, María Hierro and José Villaverde

377/2008 Migración interna de extranjeros y ¿nueva fase en la convergencia? María Hierro y Adolfo Maza

378/2008 Efectos de la Reforma del Sector Eléctrico: Modelización Teórica y Experiencia Internacional Ciro Eduardo Bazán Navarro

379/2008 A Non-Parametric Independence Test Using Permutation Entropy Mariano Matilla-García and Manuel Ruiz Marín

380/2008 Testing for the General Fractional Unit Root Hypothesis in the Time Domain Uwe Hassler, Paulo M.M. Rodrigues and Antonio Rubia

381/2008 Multivariate gram-charlier densities Esther B. Del Brio, Trino-Manuel Ñíguez and Javier Perote

382/2008 Analyzing Semiparametrically the Trends in the Gender Pay Gap - The Example of Spain Ignacio Moral-Arce, Stefan Sperlich, Ana I. Fernández-Saínz and Maria J. Roca

383/2008 A Cost-Benefit Analysis of a Two-Sided Card Market Santiago Carbó Valverde, David B. Humphrey, José Manuel Liñares Zegarra and Francisco Rod-riguez Fernandez

384/2008 A Fuzzy Bicriteria Approach for Journal Deselection in a Hospital Library M. L. López-Avello, M. V. Rodríguez-Uría, B. Pérez-Gladish, A. Bilbao-Terol, M. Arenas-Parra

385/2008 Valoración de las grandes corporaciones farmaceúticas, a través del análisis de sus principales intangibles, con el método de opciones reales Gracia Rubio Martín y Prosper Lamothe Fernández

386/2008 El marketing interno como impulsor de las habilidades comerciales de las pyme españolas: efectos en los resultados empresariales Mª Leticia Santos Vijande, Mª José Sanzo Pérez, Nuria García Rodríguez y Juan A. Trespalacios Gutiérrez

387/2008 Understanding Warrants Pricing: A case study of the financial market in Spain David Abad y Belén Nieto

388/2008 Aglomeración espacial, Potencial de Mercado y Geografía Económica: Una revisión de la litera-tura Jesús López-Rodríguez y J. Andrés Faíña

389/2008 An empirical assessment of the impact of switching costs and first mover advantages on firm performance Jaime Gómez, Juan Pablo Maícas

390/2008 Tender offers in Spain: testing the wave Ana R. Martínez-Cañete y Inés Pérez-Soba Aguilar

391/2008 La integración del mercado español a finales del siglo XIX: los precios del trigo entre 1891 y 1905 Mariano Matilla García, Pedro Pérez Pascual y Basilio Sanz Carnero

392/2008 Cuando el tamaño importa: estudio sobre la influencia de los sujetos políticos en la balanza de bienes y servicios Alfonso Echazarra de Gregorio

393/2008 Una visión cooperativa de las medidas ante el posible daño ambiental de la desalación Borja Montaño Sanz

394/2008 Efectos externos del endeudamiento sobre la calificación crediticia de las Comunidades Autóno-mas Andrés Leal Marcos y Julio López Laborda

395/2008 Technical efficiency and productivity changes in Spanish airports: A parametric distance func-tions approach Beatriz Tovar & Roberto Rendeiro Martín-Cejas

396/2008 Network analysis of exchange data: Interdependence drives crisis contagion David Matesanz Gómez & Guillermo J. Ortega

397/2008 Explaining the performance of Spanish privatised firms: a panel data approach Laura Cabeza Garcia and Silvia Gomez Anson

398/2008 Technological capabilities and the decision to outsource R&D services Andrea Martínez-Noya and Esteban García-Canal

399/2008 Hybrid Risk Adjustment for Pharmaceutical Benefits Manuel García-Goñi, Pere Ibern & José María Inoriza

400/2008 The Team Consensus–Performance Relationship and the Moderating Role of Team Diversity José Henrique Dieguez, Javier González-Benito and Jesús Galende

401/2008 The institutional determinants of CO2 emissions: A computational modelling approach using Arti-ficial Neural Networks and Genetic Programming Marcos Álvarez-Díaz , Gonzalo Caballero Miguez and Mario Soliño

402/2008 Alternative Approaches to Include Exogenous Variables in DEA Measures: A Comparison Using Monte Carlo José Manuel Cordero-Ferrera, Francisco Pedraja-Chaparro and Daniel Santín-González

403/2008 Efecto diferencial del capital humano en el crecimiento económico andaluz entre 1985 y 2004: comparación con el resto de España Mª del Pópulo Pablo-Romero Gil-Delgado y Mª de la Palma Gómez-Calero Valdés

404/2008 Análisis de fusiones, variaciones conjeturales y la falacia del estimador en diferencias Juan Luis Jiménez y Jordi Perdiguero

405/2008 Política fiscal en la uem: ¿basta con los estabilizadores automáticos? Jorge Uxó González y Mª Jesús Arroyo Fernández

406/2008 Papel de la orientación emprendedora y la orientación al mercado en el éxito de las empresas Óscar González-Benito, Javier González-Benito y Pablo A. Muñoz-Gallego

407/2008 La presión fiscal por impuesto sobre sociedades en la unión europea Elena Fernández Rodríguez, Antonio Martínez Arias y Santiago Álvarez García

408/2008 The environment as a determinant factor of the purchasing and supply strategy: an empirical ana-lysis Dr. Javier González-Benito y MS Duilio Reis da Rocha

409/2008 Cooperation for innovation: the impact on innovatory effort Gloria Sánchez González and Liliana Herrera

410/2008 Spanish post-earnings announcement drift and behavioral finance models Carlos Forner and Sonia Sanabria

411/2008 Decision taking with external pressure: evidence on football manager dismissals in argentina and their consequences Ramón Flores, David Forrest and Juan de Dios Tena

412/2008 Comercio agrario latinoamericano, 1963-2000: aplicación de la ecuación gravitacional para flujos desagregados de comercio Raúl Serrano y Vicente Pinilla

413/2008 Voter heuristics in Spain: a descriptive approach elector decision José Luís Sáez Lozano and Antonio M. Jaime Castillo

414/2008 Análisis del efecto área de salud de residencia sobre la utilización y acceso a los servicios sanita-rios en la Comunidad Autónoma Canaria Ignacio Abásolo Alessón, Lidia García Pérez, Raquel Aguiar Ibáñez y Asier Amador Robayna

415/2008 Impact on competitive balance from allowing foreign players in a sports league: an analytical model and an empirical test Ramón Flores, David Forrest & Juan de Dios Tena

416/2008 Organizational innovation and productivity growth: Assessing the impact of outsourcing on firm performance Alberto López

417/2008 Value Efficiency Analysis of Health Systems Eduardo González, Ana Cárcaba & Juan Ventura

418/2008 Equidad en la utilización de servicios sanitarios públicos por comunidades autónomas en España: un análisis multinivel Ignacio Abásolo, Jaime Pinilla, Miguel Negrín, Raquel Aguiar y Lidia García

419/2008 Piedras en el camino hacia Bolonia: efectos de la implantación del EEES sobre los resultados académicos Carmen Florido, Juan Luis Jiménez e Isabel Santana

420/2008 The welfare effects of the allocation of airlines to different terminals M. Pilar Socorro and Ofelia Betancor

421/2008 How bank capital buffers vary across countries. The influence of cost of deposits, market power and bank regulation Ana Rosa Fonseca and Francisco González

422/2008 Analysing health limitations in spain: an empirical approach based on the european community household panel Marta Pascual and David Cantarero

423/2008 Regional productivity variation and the impact of public capital stock: an analysis with spatial interaction, with reference to Spain Miguel Gómez-Antonio and Bernard Fingleton

424/2008 Average effect of training programs on the time needed to find a job. The case of the training schools program in the south of Spain (Seville, 1997-1999). José Manuel Cansino Muñoz-Repiso and Antonio Sánchez Braza

425/2008 Medición de la eficiencia y cambio en la productividad de las empresas distribuidoras de electri-cidad en Perú después de las reformas Raúl Pérez-Reyes y Beatriz Tovar

426/2008 Acercando posturas sobre el descuento ambiental: sondeo Delphi a expertos en el ámbito interna-cional Carmen Almansa Sáez y José Miguel Martínez Paz

427/2008 Determinants of abnormal liquidity after rating actions in the Corporate Debt Market Pilar Abad, Antonio Díaz and M. Dolores Robles

428/2008 Export led-growth and balance of payments constrained. New formalization applied to Cuban commercial regimes since 1960 David Matesanz Gómez, Guadalupe Fugarolas Álvarez-Ude and Isis Mañalich Gálvez

429/2008 La deuda implícita y el desequilibrio financiero-actuarial de un sistema de pensiones. El caso del régimen general de la seguridad social en España José Enrique Devesa Carpio y Mar Devesa Carpio

430/2008 Efectos de la descentralización fiscal sobre el precio de los carburantes en España Desiderio Romero Jordán, Marta Jorge García-Inés y Santiago Álvarez García

431/2008 Euro, firm size and export behavior Silviano Esteve-Pérez, Salvador Gil-Pareja, Rafael Llorca-Vivero and José Antonio Martínez-Serrano

432/2008 Does social spending increase support for free trade in advanced democracies? Ismael Sanz, Ferran Martínez i Coma and Federico Steinberg

433/2008 Potencial de Mercado y Estructura Espacial de Salarios: El Caso de Colombia Jesús López-Rodríguez y Maria Cecilia Acevedo

434/2008 Persistence in Some Energy Futures Markets Juncal Cunado, Luis A. Gil-Alana and Fernando Pérez de Gracia

435/2008 La inserción financiera externa de la economía francesa: inversores institucionales y nueva gestión empresarial Ignacio Álvarez Peralta

436/2008 ¿Flexibilidad o rigidez salarial en España?: un análisis a escala regional Ignacio Moral Arce y Adolfo Maza Fernández

437/2009 Intangible relationship-specific investments and the performance of r&d outsourcing agreements Andrea Martínez-Noya, Esteban García-Canal & Mauro F. Guillén

438/2009 Friendly or Controlling Boards? Pablo de Andrés Alonso & Juan Antonio Rodríguez Sanz

439/2009 La sociedad Trenor y Cía. (1838-1926): un modelo de negocio industrial en la España del siglo XIX Amparo Ruiz Llopis

440/2009 Continental bias in trade Salvador Gil-Pareja, Rafael Llorca-Vivero & José Antonio Martínez Serrano

441/2009 Determining operational capital at risk: an empirical application to the retail banking Enrique José Jiménez-Rodríguez, José Manuel Feria-Domínguez & José Luis Martín-Marín

442/2009 Costes de mitigación y escenarios post-kyoto en España: un análisis de equilibro general para España Mikel González Ruiz de Eguino

443/2009 Las revistas españolas de economía en las bibliotecas universitarias: ranking, valoración del indicador y del sistema Valentín Edo Hernández

444/2009 Convergencia económica en España y coordinación de políticas económicas. un estudio basado en la estructura productiva de las CC.AA. Ana Cristina Mingorance Arnáiz

445/2009 Instrumentos de mercado para reducir emisiones de co2: un análisis de equilibrio general para España Mikel González Ruiz de Eguino

446/2009 El comercio intra e inter-regional del sector Turismo en España Carlos Llano y Tamara de la Mata

447/2009 Efectos del incremento del precio del petróleo en la economía española: Análisis de cointegración y de la política monetaria mediante reglas de Taylor Fernando Hernández Martínez

448/2009 Bologna Process and Expenditure on Higher Education: A Convergence Analysis of the EU-15 T. Agasisti, C. Pérez Esparrells, G. Catalano & S. Morales

449/2009 Global Economy Dynamics? Panel Data Approach to Spillover Effects Gregory Daco, Fernando Hernández Martínez & Li-Wu Hsu

450/2009 Pricing levered warrants with dilution using observable variables Isabel Abínzano & Javier F. Navas

451/2009 Information technologies and financial prformance: The effect of technology diffusion among competitors Lucio Fuentelsaz, Jaime Gómez & Sergio Palomas

452/2009 A Detailed Comparison of Value at Risk in International Stock Exchanges Pilar Abad & Sonia Benito

453/2009 Understanding offshoring: has Spain been an offshoring location in the nineties? Belén González-Díaz & Rosario Gandoy

454/2009 Outsourcing decision, product innovation and the spatial dimension: Evidence from the Spanish footwear industry José Antonio Belso-Martínez

455/2009 Does playing several competitions influence a team’s league performance? Evidence from Spanish professional football Andrés J. Picazo-Tadeo & Francisco González-Gómez

456/2009 Does accessibility affect retail prices and competition? An empirical application Juan Luis Jiménez and Jordi Perdiguero

457/2009 Cash conversion cycle in smes Sonia Baños-Caballero, Pedro J. García-Teruel and Pedro Martínez-Solano

458/2009 Un estudio sobre el perfil de hogares endeudados y sobreendeudados: el caso de los hogares vascos Alazne Mujika Alberdi, Iñaki García Arrizabalaga y Juan José Gibaja Martíns

459/2009 Imposing monotonicity on outputs in parametric distance function estimations: with an application to the spanish educational production Sergio Perelman and Daniel Santin

460/2009 Key issues when using tax data for concentration analysis: an application to the Spanish wealth tax José Mª Durán-Cabré and Alejandro Esteller-Moré

461/2009 ¿Se está rompiendo el mercado español? Una aplicación del enfoque de feldstein –horioka Saúl De Vicente Queijeiro, José Luis Pérez Rivero y María Rosalía Vicente Cuervo

462/2009 Financial condition, cost efficiency and the quality of local public services Manuel A. Muñiz & José L. Zafra

463/2009 Including non-cognitive outputs in a multidimensional evaluation of education production: an international comparison Marián García Valiñas & Manuel Antonio Muñiz Pérez

464/2009 A political look into budget deficits.The role of minority governments and oppositions Albert Falcó-Gimeno & Ignacio Jurado

465/2009 La simulación del cuadro de mando integral. Una herramienta de aprendizaje en la materia de contabilidad de gestión Elena Urquía Grande, Clara Isabel Muñoz Colomina y Elisa Isabel Cano Montero

466/2009 Análisis histórico de la importancia de la industria de la desalinización en España Borja Montaño Sanz

467/2009 The dynamics of trade and innovation: a joint approach Silviano Esteve-Pérez & Diego Rodríguez

468/2009 Measuring international reference-cycles Sonia de Lucas Santos, Inmaculada Álvarez Ayuso & Mª Jesús Delgado Rodríguez

469/2009 Measuring quality of life in Spanish municipalities Eduardo González Fidalgo, Ana Cárcaba García, Juan Ventura Victoria & Jesús García García

470/2009 ¿Cómo se valoran las acciones españolas: en el mercado de capitales doméstico o en el europeo? Begoña Font Belaire y Alfredo Juan Grau Grau

471/2009 Patterns of e-commerce adoption and intensity. evidence for the european union-27 María Rosalía Vicente & Ana Jesús López

472/2009 On measuring the effect of demand uncertainty on costs: an application to port terminals Ana Rodríguez-Álvarez, Beatriz Tovar & Alan Wall

473/2009 Order of market entry, market and technological evolution and firm competitive performance Jaime Gomez, Gianvito Lanzolla & Juan Pablo Maicas

474/2009 La Unión Económica y Monetaria Europea en el proceso exportador de Castilla y León (1993-2007): un análisis de datos de panel Almudena Martínez Campillo y Mª del Pilar Sierra Fernández

475/2009 Do process innovations boost SMEs productivity growth? Juan A. Mañez, María E. Rochina Barrachina, Amparo Sanchis Llopis & Juan A. Sanchis Llopis

476/2009 Incertidumbre externa y elección del modo de entrada en el marco de la inversión directa en el exterior Cristina López Duarte y Marta Mª Vidal Suárez

477/2009 Testing for structural breaks in factor loadings: an application to international business cycle José Luis Cendejas Bueno, Sonia de Lucas Santos, Inmaculada Álvarez Ayuso & Mª Jesús Del-gado Rodríguez

478/2009 ¿Esconde la rigidez de precios la existencia de colusión? El caso del mercado de carburantes en las Islas Canarias Juan Luis Jiménez y Jordi Perdiguero

479/2009 The poni test with structural breaks Antonio Aznar & María-Isabel Ayuda

480/2009 Accuracy and reliability of Spanish regional accounts (CRE-95) Verónica Cañal Fernández

481/2009 Estimating regional variations of R&D effects on productivity growth by entropy econometrics Esteban Fernández-Vázquez y Fernando Rubiera-Morollón

482/2009 Why do local governments privatize the provision of water services? Empirical evidence from Spain Francisco González-Gómez, Andrés J. Picazo-Tadeo & Jorge Guardiola

483/2009 Assessing the regional digital divide across the European Union-27 María Rosalía Vicente & Ana Jesús López

484/2009 Measuring educational efficiency and its determinants in Spain with parametric distance functions José Manuel Cordero Ferrera, Eva Crespo Cebada & Daniel Santín González

485/2009 Spatial analysis of public employment services in the Spanish provinces Patricia Suárez Cano & Matías Mayor Fernández

486/2009 Trade effects of continental and intercontinental preferential trade agreements Salvador Gil-Pareja, Rafael Llorca-Vivero & José Antonio Martínez-Serrano

487/2009 Testing the accuracy of DEA for measuring efficiency in education under endogeneity Salvador Gil-Pareja, Rafael Llorca-Vivero & José Antonio Martínez-Serrano

488/2009 Measuring efficiency in primary health care: the effect of exogenous variables on results José Manuel Cordero Ferrera, Eva Crespo Cebada & Luis R. Murillo Zamorano

489/2009 Capital structure determinants in growth firms accessing venture funding Marina Balboa, José Martí & Álvaro Tresierra